ROYAL BANCSHARES PA INC

CUSIP: 780081105 Class: CL A

Municipal Employees' Retirement System of Michigan's Holding History (CIK: 0001588873)

Note: Option positions (PUT/CALL) are excluded.

Q3 2016
Shares 230,770 Value ($000) $545 Avg Close — Range —
Q2 2016
Shares 230,770 Value ($000) $522 Avg Close — Range —
Q1 2016
Shares 270 Value ($000) $1 Avg Close — Range —